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May 23, 2013

Edward Jones to Recruit 450-500 Military Vets in ’13

The privately owned broker-dealer aims to expand 5% a year and hit 20,000 advisors nationwide by 2020

Edward Jones expects to hire up to 500 veterans this year, according to Mark Eberlin, the principal responsible for recruiting military talent at the St. Louis-based broker-dealer.

“We know the skill set and competencies developed in the military are great for financial advisors,” said Eberlin (left) in an interview with AdvisorOne on Wednesday. “These competencies help service clients, and the military’s rich talent pool should help us reach our growth objectives, as well.”

Edward Jones currently has more than 12,000 employee reps and hopes to grow to 20,000 by 2020. This year, it aims to expand by roughly 5% on a net basis. Given the fact that some advisors retire or leave for other reasons, that means adding about 750 total new advisors in 2013—with 450 to 500 coming from the military.

In addition to recruiting those with experience in the military, it brings on new advisors from a variety of other careers, as well as younger professionals. The new advisors are typically paired with another advisor in a branch office for about 17 weeks of training.

Last Wednesday, Edward Jones was named one of the 2013 Most Valuable Employers for Military by CivilianJobs.com. The broker-dealer’s 1,500 financial advisors with military experience helped it earn this honor.

On Armed Forces Day, May 18, Jones celebrated the one-year anniversary of its FORCES program, its recruiting and training program for veterans and others. The privately held firm has hired 473 former military personnel as advisors since May 2012, and more than 200 have completed their regulatory exams and are working in Edward Jones branches.

“We are honored to receive such an important recognition from CivilianJobs.com for the second year in a row,” said Jim Weddle, managing partner of Edward Jones, in a press release.

The program also received additional recognition from G.I. Jobs and Military Times EDGE.

“The majority of our veteran hires served in the military for six or more years. Their time spent in the service has provided them with a great foundation for success as a financial advisor, enabling them to develop key strengths such as planning, organizing, decision-making and the ability to build relationships, all of which are key in serving our clients,” Eberlin said.

In early April, Edward Jones topped the list of employee broker-dealers as measured by financial-advisor satisfaction, according to a recent survey conducted by J.D. Power & Associates. It scored 907 out of a possible 1,000 points.